Independent retailers have welcomed the chancellor’s plans to boost UK economic growth but are calling for the benefits to translate into lower costs for businesses on the high street.
The British Independent Retailers Association (Bira), which represents more than 6,000 independent retailers across the UK, said it supported John Healey’s growth ambitions, including a commitment to cut the burden of business regulation by 25% by the end of the current Parliament.
The chancellor also outlined a roadmap towards greater business rates retention for local councils and strategic authorities.
Bira said independent retailers were ready to contribute to economic growth, particularly when spending is directed towards British-based businesses.
However, it said the upcoming Budget would need to deliver tangible measures to reduce the cost of running a business.
Andrew Goodacre, CEO of Bira, said: “We welcome the chancellor's focus on growth, and we share his ambition to deliver sustained growth for the UK economy.
“Independent retailers want to play their part in that growth, and growth that is spent with British based businesses is the kind that will benefit the high street most directly.”
Goodacre said the chancellor had acknowledged the need to address the rising cost of doing business and urged the government to use the budget to provide more certainty for independent retailers.
“We now urge him to use the upcoming budget to give independent retailers in every postcode real reason for hope, by acting on business rates and the cost of employment,” he said.
Bira said retailers would be looking closely at the budget to determine whether the government delivers substantive reform rather than further reviews and roadmaps.
The association said reducing the cost burden on independent businesses would be critical if high streets were to benefit from the government’s wider growth ambitions.